PayPal -owned payments app Venmo today announced support for instant transfers to U.S. bank accounts. The feature is an optional alternative to Venmo’s standard bank transfer service, which typically takes one to three business days to process transactions. With Instant Transfer, however, funds from your Venmo account can hit your bank account within minutes.
As of January 2018, Venmo has offered Instant Transfers to eligible Visa and Mastercard debit cards for a small fee. At launch, the fee was a flat $0.25, but Venmo bumped it up to 1% of the transferred amount last October. Now, the minimum fee is $0.25 and the maximum fee is $10. Of course, users can still choose the standard transfer option if they don’t want to pay for the convenience of instant payments.